Neopentyl Glycol (NPG) is a versatile compound with significant applications in various industries. Its unique molecular structure makes it a valuable ingredient in coatings, adhesives, and resins, enhancing their durability and performance. NPG also contributes to sustainable practices due to its low volatile organic compound (VOC) emissions, making it a favored choice in environmentally conscious formulations.
Asia neopentyl glycol market is expected to have a market share of US$ 1.23 billion by 2033. The market is likely to be valued at US$ 760.5 million in 2023
- The restoration of construction and industrial projects coupled with the technological advancements in the production facilities have flourished market growth. The expanding automotive and furniture & interior sector is also flourishing the demand for neopentyl glycol in the Asian region.
- Emerging economies like China and India are building their infrastructure and renovating their city plans are helping the market garner traction in the region. Alongside this, international NPG suppliers setting up their plants in these regions are projected to contribute to the market’s success.
- The application of neopentyl glycol in the automotive industry and paint & coating sector takes a substantial chunk. The factors behind this consumption are the proliferating automotive sector with new innovative startups functioning in India.
- NPG’s properties that help products fight against heat, light, and water also make it the first choice for the cosmetics industry. Products that deal with bigger skin surfaces and help moisturize also garner market growth.
- Different application-specific solutions of NPG and its usage as a heat recovery agent for phase change materials are also expected to transform the market dynamics shortly.
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Key Points in Asia Neopentyl Glycol (NPG) Market Report
- Indian market leads the neopentyl glycol market in terms of CAGR in Asia. The India region thrives at a CAGR of 5.0% between 2023 and 2033. The growth in this region is attributed to the expanding automotive and construction sector. Furthermore, government construction projects are also flourishing the market growth in the region.
- In 2023, Japan market holds a market share of 11% in Asia, attributed to the higher industrial growth.
- China’s neopentyl glycol market is another significant market in the region. The market thrives at a CAGR of 5.5% between 2023 and 2033. The growth is attributed to the higher foreign investments and new NPG plants. Alongside this, the increased sales of automobiles are also helping the market penetrate well.
- The paints and coatings lead the application type segment as it holds a market share of 63.0% in 2023. The growth is attributed to the higher consumption and its synthesizing capabilities.
- Based on the end-use industry, the automotive and transportation segment leads as it holds a market share of 36.0% in 2023.
Competitive Landscape in Asia Neopentyl Glycol (NPG) Market
The key vendors work on application-specific flakes and slurry types. Companies also set up new production facilities to increase production. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Recent Market Developments
- Shandong Xinhua Pharma has introduced the Neopentyl Glycol CAS 126-30-7 that comes in 25 KGs packaging. It is used as a plasticizer for unsaturated polyester resin. It can also be used as an additive for lubricating oil.
- BASF has launched its 25 Kg advanced Neopentylglykol for different applications with protective properties against heat and light.
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Asia Neopentyl Glycol (NPG) Market Key Players
- BASF SE
- LG Chem Ltd
- Perstrop AB
- Mitsubishi Gas Chemical Company, Inc.
- Shandong Xinhua Pharma
- Dhalop Chemical
- Zibo Ruibao Chemical Co. Ltd
Asia Neopentyl Glycol (NPG) Market Key Segments Covered
By Product Form:
- Flake
- Molten
- Slurry
By Grade:
- Pharmaceutical Grade
- Technical Grade
By Application:
- Paints & Coatings
- Adhesives & Sealants
- Lubricants
- Plasticizers
- Insulation Materials
- Others
By End-use Industry:
- Automotive & Transportation
- Building & Construction
- Industrial Plant & Equipment
- Furniture & Interiors
- Others
Key Regions Covered:
- Asia
- India
- China
- Japan
- ASEAN
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Future Market Insights, Inc. (ESOMAR-certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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